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Question - Company A owns a building purchased on January 1, 2016 for P25,000,000, with an estimated useful life of 25 years. The building was used as head office for the company.
In 2020, the company transferred its head office and decided to lease out the old building. Tenants started to occupy the building by the end of 2020, thus, on December 31, 2020, the company reclassified the building as investment property carried at fair value.
The fair value on the date of reclassification was P21,250,000.
Determine amount recognized in 2020 statement of comprehensive income as a result of the transfer from owner-occupied property to investment property.
Calculate the peso change for each item and indicate whether the change is increase or decrease. Calculate the percentage change from Year
What is the standard fixed factory overhead rate per machine hour? What is the denominator activity level that was used to establish the fixed overhead application note?
The firm's tax rate is 21%. What is the equivalent annual saving from the purchase if Gluon can depreciate 100% of the investment immediately.
Hasbro is one of the world's leading toy manufacturers and maker of such popular board games as Monopoly, Scrabble, and Clue, among others. Listed here are selected aggregate transactions from a recent year (dollars in millions).
Concord Corporation issues 7000 shares of its $10 par value common stock having a fair value of $20 per share. Determine the proceeds allocated to common stock
Which of the following statements concerning review analytical procedures is false?
During retirement your savings will earn only 4.3?% per annum. How much do you have to have saved at retirement to fund these planned? withdrawals?
Assess the impact to a company's profitability when adopting the new accounting rule and how shareholders are likely to react to the change.
Herston Company uses the FIFO method in its process costing system. The beginning work in process inventory in a particular department consisted of 3,600 units, two-thirds complete with respect to conversion costs. During the month, 42,000 units were..
Prepare journal entries for Terry Ltd. for PC1 in July and August 2018 with reference to HKFRS 15 "Revenue from Contracts with Customers".
The Maxwell Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:
Calculate cost of goods sold and ending inventory, using FIFO or Moving-average cost. ABC Inc. is a retailer operating in Edmonton, Alberta.
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